Russia's largest private bank Alfa-Bank plans a regulated digital depository and crypto services. COO Dmitry Vitman outlines timeline, compliance-first approach, and competitive edge.
Alfa-Bank, Russia's largest private bank, wants to operate as a regulated digital asset custodian and offer crypto investment products on public blockchains. Dmitry Vitman, the bank's chief operating officer, laid out the strategy in recent public statements.
Vitman said the first priority is building a digital depository. That depository would track every customer transaction under Russian law. It would also block transfers to addresses the state has not approved. The bank plans to extend services to other legal entities, not just individual customers.
Full implementation depends on pending legislation. The State Duma has already approved the final version of the crypto bill. Once enacted, the law will define how banks like Alfa-Bank can operate. Vitman estimated that retail brokerage services could emerge in late 2026 or early 2027.
Alfa-Bank's size gives it advantages smaller competitors lack. The bank already has an established customer base and infrastructure. Vitman described the crypto expansion as central to the bank's long-term strategy. He also said the bank wants to attract foreign investors with products built on public blockchains that can compete internationally.
Even with that scale, Vitman does not expect meaningful market liquidity soon. He placed significant liquidity growth near the end of 2027. The cautious timeline suggests Alfa-Bank is putting compliance ahead of trading volume.
Other major Russian banks are moving in similar directions at smaller scale. Sberbank plans to launch a digital depository by December 1. It will also introduce a crypto wallet within its existing banking apps. T-Bank has announced comparable plans. Alfa-Bank remains the largest private mover in the space.
Vitman said the bank's ambition is to build tools suited for global markets. Its established infrastructure gives it a foundation smaller banks lack. The bank does not intend to limit crypto services to individual customers. That broader scope reflects its role as a major financial player.
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